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Bitcoins and cryptocurrencies are here to stay despite the current bear market, said Jeff Sprecher, president of the New York Stock Exchange and CEO of its parent company, Intercontinental Exchange (ICE).
When asked what the value of the cryptography market was, Sprecher, as a stock market operator, was not the place to comment on prices. However, he is confident about the promising future of digital resources.
"The unequivocal answer is yes [crypto will survive]Sprecher said at the Consensus Conference: Invest in New York this week.
Sprecher: Bitcoin is still the stick of strength
Sprecher noted that bitcoin is still the barometer by which all other cryptocurrencies are judged, and that will not change.
"Bitcoin lived in a swamp and survived," Sprecher said. "There are thousands of other chips that, in your opinion, are better, but bitcoin continues to survive, thrive and attract attention."
Michael Casey of Coindesk, Kelly Loeffler of Bakkt and Jeffrey Sprecher, CEO of ICE and NYSE, discuss Bakkt's partnership with Starbucks and their interest in bitcoin and crypto #ConsensusInvest pic.twitter.com/wRh2cVHkKr
– Eric C. Jansen (@FiniviFA) November 27, 2018
For Jeff Sprecher, digital assets have become a family affair.
Its intercontinental exchange, as well as Microsoft, Starbucks and the BCG, is supporting a new company called Bakkt, whose president is Sprecher's wife, Kelly Loeffler.
Jeff Sprecher has his wife's "Bakkt"
Bakkt will facilitate Bitcoin futures trading in the first quarter of 2019. The launch has been postponed from December 2018 to January 24, 2019 due to an unexpected request.
"To give him the best chance of success, we pushed him back … to give people more time to get involved," said Loeffler. "It's a positive sign of interest and it gives people time to learn.
Bakkt will provide custody and price determination for bitcoin – which is regulated as a commodity by the CFTC – in order to be safe from manipulation and market fraud.
ICE's rival, Nasdaq – the world's second largest stock exchange – is also pursuing plans to launch a term bitcoin product in the first quarter of 2019, as reported by CCN.
Nasdaq will launch 'Bitcoin Futures 2.0' in early 2019 https://t.co/VSD7ouQaTs
– CCN (@CryptoCoinsNews) November 29, 2018
All this paves the way for the massive entry of institutional investors into the cryptography market and the widespread adoption of virtual currencies.
"We are creating this infrastructure that does not exist today and which we believe represents a great opportunity for institutional investors," said Loeffler.
Experts: if you build it, they will come
While most crypto stocks focus on recent price declines, insiders say that what happens beneath the surface is much more exciting and meaningful for the future of the industry.
Many experts predict that institutional investments will begin to flow in the first half of 2019 – a development that will change the game and transform the sector.
"What's going on behind the scenes is that companies are creating infrastructure to allow the integration of a whole new class of investors – institutional investors," said Barry Silbert, founder of Digital Currency Group. "So, behind the scenes, nobody slowed down."
NYSE image of Shutterstock.
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